News World ECB urges EU governments to spend in fight against coronavirus -sources

ECB urges EU governments to spend in fight against coronavirus -sources

European Central Bank President Christine Lagarde has urged European Union leaders to dig into their pockets in the fight against the coronavirus outbreak or pay a higher price for passivity, two sources said.

Speaking to the bloc’s leaders in a conference call late on Tuesday, Lagarde emphasised the need for fiscal action to support the economy, citing the 2008 financial crisis as an example of the risks associated with inaction, the sources said.

The ECB is itself expected to unveil new stimulus measures on Thursday, likely to include a new funding scheme aimed at smaller companies and a cut to its policy interest rate.

That would follow rate cuts from the U.S. Federal Reserve last week and the Bank of England on Wednesday to ease financial and economic distress from the rapidly spreading virus that has stoked fears of global recession and roiled world markets.

At Tuesday’s meeting, EU leaders decided to do “everything necessary”, from allowing state aid for companies to engineering an investment fund worth 25 billion euros, to combat economic fallout from the outbreak, which has spread to every EU country.

Coronavirus has infected more than 119,000 people globally and killed 4,296, according to a Reuters tally.

Italy was the worst-affected EU country, with 10,149 cases and 631 deaths.

The Italian government imposed a “red zone” on the entire country on Monday night, introducing the most severe controls on movement and activity in a Western nation since World War Two and raising fears especially among small businesses.

(Reuters)

Top Stories

Low visibility on highways as bad weather continues

  Visibility is very low on the Larnaca-Nicosia and Nicosia-Limassol highways, with the network near the Mosfiloti area becoming waterlogged. Police are calling on drivers to...

Explainer: Can Trump pardon himself? Would the courts reject the move?

  As he prepares to end a tumultuous four years as U.S. president facing potential legal jeopardy, Donald Trump has discussed the possibility of pardoning...

U.S. state capitals on edge for armed protests as Trump presidency nears end

  U.S. law enforcement officials are gearing up for pro-Trump marches in all 50 state capitals this weekend, erecting barriers and calling in their National...

‘Go for it,’ says first person vaccinated in India’s massive COVID-19 campaign

  Hospital cleaning worker Manish Kumar today became the first person in India to be vaccinated against COVID-19, as Prime Minister Narendra Modi launched one...

Major European powers rebuke Iran over uranium metal plans

  Three European powers warned Iran against starting work on uranium metal-based fuel for a research reactor, saying it contravened the 2015 nuclear deal and...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...